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2011 (1) TMI 1247 - ITAT HYDERABADAddition u/s 69 of the Act - Unexplained investment – Held that:- against the claim of assessee that the amounts received as advanced were deposited with the bank-the Tribunal ordered revenue to examine the genuineness of the agreement and the transaction – since revenue examined the agreement in compliance to the direction of the Tribunal and the AO has not exceeded his jurisdiction – The summons were returned as unserved - Revenue officers deputed for examination found that no such person exists - No material was available on record to contradict the findings recorded by the Revenue about the existence of the persons who said to have given the advances - existence of the persons is doubtful and not proved the agreement as well as the transaction cannot be genuine - Decided against assessee. Receipt as capital receipt - since this was the first year of assessment – Held:- assessee was carrying on the business from earlier without filing of the return of income - When the genuineness of the transaction as well as the agreement was found to be doubtful and the persons said to have advanced the money were not in existence the revenue rightly made the addition u/s 69 of the Act. - Decide against assessee.
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